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Car sharing marketplace, Zoomcar has raised $92 million private placement from New York City-based SternAegis Ventures along with the participation of leading international family offices and institutional investors.
Zoomcar plans to use the funds to grow its car-sharing marketplace in India and select markets across Asia and the MENA region. The company will continue to invest in its advanced engineering and data science platform. Further, Zoomcar expects to increase investments across IoT, machine learning, and computer vision-related applications to transform its user experience. The company also plans to strengthen its enterprise software offerings to OEMs and insurance companies with this funding round.
“This successful crossover financing is a milestone for Zoomcar as we enter the next phase of our international growth and position the company to enter the public equity markets,” said Greg Moran, Co-founder and CEO of Zoomcar.
‘Key role in urban mobility’
Adding to this, Adam Stern, CEO of SternAegis Ventures said, “Zoomcar sits at the intersection of several powerful global trends across urban mobility. At SternAegis, we’re delighted to support the impressive Zoomcar team in fulfilling their vision of creating the best car sharing experience across the world’s fastest-growing, most dynamic markets.”
Zoomcar launched India’s first car sharing platform in 2013, and today has approximately 10,000 cars on its platform and a presence across Asia and the MENA region. Zoomcar allows individuals to rent from a diverse pool of cars by the hour or by the day.
Zoomcar employs over 300 people and operates in over 50 cities. In 2020, Zoomcar launched Zoomcar Mobility Services, the Company’s enterprise SaaS-based mobility solutions covering white-labelled subscription services and IoT-based driver behaviour monitoring solutions.
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